Dave Ramsey has long criticized the financial advice given by people who aren’t doing well with money themselves. The personal finance expert says that broke people often give advice out of fear, not wisdom, because they’re worried about being left behind.
“Broke people care deeply about what you think,” Ramsey wrote on X. “That’s why broke people are always giving you advice: They’re afraid that you’re going to outpace them because you’re doing smart things with money.”
Wealthy People Don’t Care About Impressing You
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According to Ramsey, the mindset of someone with a $1 million to $10 million net worth is totally different. He says wealthy people didn’t build their fortune to impress anyone. In fact, Ramsey notes, “Most people who aren’t broke don’t give a crap what you think. Because the way they achieved that first layer of wealth… is that they didn’t do it for you.”
This shift in mindset is key. Ramsey believes that when you stop worrying about what others think, you start making financial decisions that benefit you and your family, not your image. “You tend to make completely different purchases and live a completely different lifestyle,” he said.
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‘Everyone Else Is Getting Rich With Your Money’
In another post on X, Ramsey laid out a harsh reality: the system is designed so others can get rich with your money, and many people are unknowingly helping make that happen.
“This is not an accident: Everyone else is getting rich with your money, and you’re helping them,” he said. Ramsey points the finger at credit card companies, banks and retailers who make money by keeping people in debt.
He describes how people fall into a financial trap, constantly making payments on things like credit cards, car loans and student debt. And all the while, their income, the number one wealth-building tool, is slipping away.
“We don’t have any money because we’re following THEIR plan for THEM, and it’s called staying in debt,” Ramsey said.
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Breaking The Cycle
Ramsey says the key to building wealth is to stop handing your income over to everyone else. That means getting serious about ditching debt, canceling credit cards and focusing on saving and investing.
He points out that 70% of Americans live paycheck to paycheck despite being in one of the wealthiest countries on earth. According to him, the root cause is a belief that debt is normal, a belief he says is wrong and harmful. “It’s stupid on steroids,” he said.
He adds that the millionaires he’s interviewed didn’t get there by trying to impress others or racking up debt. They were intentional. They lived on less than they made. And they used their income to build wealth, not to make credit card companies and retailers richer.
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